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Pacific Green Executes Agreements Totalling an Estimated $42.4m to Supply Its ENVI-Marine System for 28 Vessels Owned or Managed by Scorpio Bulkers Inc. and Has Granted Options to Supply up to a Further 18 Vessels
Pacific Green Executes Agreements Totalling an Estimated $42.4m to Supply Its ENVI-Marine System for 28 Vessels Owned or Managed by Scorpio Bulkers Inc. and Has Granted Options to Supply up to a Further 18 Vessels.
About this update from Pacific Green Technologies Inc.
[{"type":"text","content":"\nSAN JOSE, Calif., Dec. 04, 2018 (GLOBE NEWSWIRE) -- Pacific Green Technologies Inc. (PGTK) (OTCQB: PGTK), owner of the ENVI-Marine™ Exhaust Gas Scrubbing System (System), is pleased to announce that its wholly owned subsidiary, Pacific Green Marine Technologies Inc. (PGMT), has executed an agreement to manufacture its System for 28 vessels owned or managed by SCORPIO BULKERS INC. (NYSE: SALT) (Agreements). \n The Agreements provide for 18 vessels in 2019 and 10 vessels in 2020.  Pricing is based on the size of each vessel’s exhaust gas emissions in accordance with PGTK’s Pricing Curve concept.  The Agreements are currently estimated to have a total value of USD$42.4m subject to further engineering studies.  In addition to the Agreements, PGMT and SCORPIO BULKERS INC. have executed a Framework Agreement whereby SCORPIO BULKERS INC. can elect for PGMT to design and engineer the System for up to a further 18 vessels in 2020 subject to certain criteria being met. PGTK’s partner, PowerChina SPEM Company Limited, will work alongside PGMT to ensure the successful execution of the project. About Pacific Green Technologies, Inc. Pacific Green Technologies Inc. is focused on addressing the world's need for cleaner and more sustainable energy. The company's strategy is to build through organic development and acquisition, a portfolio of patented competitive cutting-edge technologies designed to meet increasingly stringent environmental standards. For more information, visit PGT's website: www.pacificgreentechnologies.com About SCORPIO BULKERS INC. SCORPIO BULKERS INC. is a provider of marine transportation of dry bulk commodities.  SCORPIO BULKERS INC. has an operating fleet of 57 vessels consisting of 56 wholly‐owned or finance leased drybulk vessels (including 19 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel. The owned and finance leased fleet of SCORPIO BULKERS INC. has a total carrying capacity of approximately 3.9 million dwt and all of the SCORPIO BULKERS INC. owned vessels have carrying capacities of greater than 60,000 dwt. Additional information about SCORPIO BULKERS INC. is available on the website of SCORPIO BULKERS INC. http://www.scorpiobulkers.com/ About POWERCHINA SPEM Co. Ltd POWERCHINA SPEM is a subsidiary of POWERCHINA, t...